Are you kidding us?!

Not long ago, we bemoaned that fact that many Americans during these difficult financial times are using their 401(k) plans as piggy banks, withdrawing money to pay their bills. These 401k early withdrawals are jeopardizing their retirement.

And now, we hear about a number of financial institutions offering 401(k) DEBIT cards!

No need to make that pesky call to you broker to withdraw your retirement money. Just hit your local ATM with your new 401(k) debit card in hand and you're off to the races. No muss...no fuss...and...

NO RETIREMENT!

You'll then receive a monthly bill that will include a minimum payment due (plus interest, of course!), a service charge and, probably, a fee or two to the card company.

Hold on. Time for a little Straight Talk here: First, these fees will come on top of the already complicated taxes and retirement-busting penalties that could cost you a ton of money. We have all the details on the pitfalls of 401k withdrawal.

Second, there are certain instances where you can withdraw from a retirement account without penalty. In times like these, you need to know exactly what they are. We've made it easy and provided the answers for you here.

But as far as 401(k) debit cards are concerned…STAY AWAY!

Dolan recommended: There's an excellent article from The Financial Industry Authority (FINRA) called "401(k) Debit Cards - Think Before You Swipe." Click on the link above to read it at the FINRA web site.